The chief of the Malta Banker’s Association stated in an interview that blockchain was a “banker’s dream”, while Prime Minister Joseph Muscat deemed cryptocurrency to be “future of money.”

But current reports offered by the Malta Independent, a group of scammers impersonated Prime Minister Muscat by making a fake Instagram account using his name, using it to promote a Bitcoin investment scheme.

The media report stated that an “industrious and seemingly Chinese conman” made the copycat Instagram profile and urged its followers to reach out to a certain Wang Wei for a Bitcoin $6744.14 +0.1% investment deal. The scheme promised its investors an “enormous return on investments within a month’s time.”

The post was made on Wednesday but it was removed from Instagram after a short time after that.

At the time of writing, the fake Instagram was still active, having around 1,300 followers which are mostly Maltese citizens, and also including a few of the country’s senior politicians.

The copycat account apparently used some photos from the Prime Minister’s official Instagram account.

The real account of Prime Minister Muscat is followed by 15,000 Instagrammers, features a blue checkmark, and its biography page states that the account is managed by the Labour Party.

It is yet unknown who exactly made the fake account for Prime Minister Muscat. An Instagram account linked with Wang Wei was also created, and it currently has just six posts.

Many cryptocurrency scammers have made use of bots and fake media profiles to deceive people and take their money in their investment schemes and crypto giveaways, while others have impersonated important names or companies to endorse their scam.

Hi, I’m Anca. You might’ve stumbled upon my literary creations while searching for stuff on the internet. I write mostly on topics related to tech, crypto and such (although there was a period in my life when I wrote sarcastic descriptions for bizarre Amazon products). When my ADD kicks in I turn sticky notes into Pikachus or pop bubble wrap.

5 Minutes of Blockchain & Cryptocurrency News!

Email Address* :

We completely understand that your inbox is already full of junk emails. We promise that we gonna try to keep it clean by sending a daily newsletter with our latest news. You can always choose to unsubscribe to our newsletter if you're not satisfied.

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.